Otovo to Buy US-based PV Hawaii, Norway's Mr. Elektro

02:09 AM EDT, 08/27/2026 (MT Newswires) -- Otovo (OTOVO.OL) signed two non-binding letters of intent to acquire US-based solar operations and maintenance provider PV Hawaii and Norway's solar and electrical contractor Mr. Elektro for a total of $4.6 million. The consideration for PV Hawaii would comprise $750,000 in cash subject to financial adjustments and a three-year earn-out of up to $810,000 based upon net income targets, which will be settled in a 50/50 split of cash and stock, the Oslo-listed behind-the-meter energy services company said Thursday. For Mr. Elektro, the company will pay 30 million Norwegian kroner, including 12 million kroner in cash at closing, 8 million kroner in shares, and up to 10 million kroner in earnout to be settled in shares. The acquisitions, which remain subject to due diligence, definitive agreements and certain closing conditions, would extend Otovo's platform into Hawaii, US, and add licensed, in-house installation and service capacity in Norway with immediate reach into Sweden.